Vertex, Inc. (NASDAQ: VERX) witnessed a 2.26% increase in its stock value, concluding the last trading session at $28.45. Notably, this positive trend persisted despite significant divestment by insiders.
According to the filing submitted to the Securities and Exchange Commission (SEC) on Monday under Item Second IRR, Trust FBO Anne Marie Westphal executed the sale of 177,400 VERX shares in three separate transactions, achieving an average price of $27.8533. The 13-D Group Member overseeing the transactions garnered gross proceeds totaling $4,944,644.
In a recent strategic development, Vertex (VERX) forged a collaboration with Shopify, a prominent provider of indispensable internet infrastructure for commerce. This partnership is poised to empower enterprise-level merchants utilizing the Shopify Tax Platform for both business-to-business (B2B) and business-to-consumer (B2C) sales. The collaboration facilitates automated tax calculation and compliance on a global scale, transcending geographical boundaries.
The Software as a Service (SaaS)-based solution offered by Vertex eliminates hindrances to commerce growth, expediting the transactional process by eliminating the manual upkeep of intricate rates and rules across more than 195 countries. This encompasses aspects such as seller’s use tax, goods and services tax, and value-added tax.
As the inaugural global tax technology partner integrated into the Shopify Tax Partner Platform, Vertex presents burgeoning businesses with a singular, cohesive global solution to streamline the intricate landscape of cross-border indirect tax. Vertex plays a pivotal role in enabling organizations to revolutionize their business operations, ensuring a seamless commerce experience.
Through the integration of Vertex solutions, enterprise-level retailers leveraging Shopify can ensure precise and consistent tax application, regardless of the specifics of their customers’ transactions. This strategic collaboration aligns with VERX’s commitment to innovation in the enterprise market.
By selecting Vertex as its Tax Platform Partner, Shopify demonstrates its dedication to addressing the intricate challenges associated with conducting business across diverse global tax jurisdictions and niche categories. The service provided by Vertex is designed to be adaptable, accommodating the evolving needs of enterprise businesses as they grow and expand.
